Section 80P(2)(d) Deductions for Statutorily Mandated Investments & Cost of Funds Entitlement

S. K. Goldsmiths Industrial Co-operative Society Ltd. Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT) Bangalore, in the case of S. K. Goldsmiths Industrial Co-operative Society Ltd. Vs ITO, addressed significant aspects concerning the applicability of section 80P(2)(a)(i) of the Income Tax Act, 1961 (the Act) to interest income earned by a co-operative society from mandatory investments. This case sheds light on how investments mandated by specific statutes, like the Karnataka Co-operative Societies Act, 1959, are treated for tax deduction purposes under the Act. Background: T...